Spartan Delta Corp. Announces Year-end 2025 Results, Filing of Its 2025 IF, and Operations Update
Press Release
Calgary, Alberta – February 23, 2026 – Spartan Delta Corp. (“Spartan” or the “Company”) (TSX:SDE) is pleased to report its financial and operating results for the fourth quarter and year ended December 31, 2025, filing of its Annual Information Form (“AIF”), and provide an operations update.
Selected financial and operational information is set out below and should be read in conjunction with Spartan’s audited financial statements and related management’s discussion and analysis (“MD&A”) for the years ended December 31, 2025, and 2024, which are filed on SEDAR+ at www.sedarplus.ca and are available on the Company’s website at www.spartandeltacorp.com. The highlights reported in this press release include certain non-GAAP financial measures and ratios which have been identified using capital letters. The reader is cautioned that these measures may not be directly comparable to other issuers; please refer to additional information under the heading “Reader Advisories – Non-GAAP Measures and Ratios”.
MESSAGE TO SHAREHOLDERS
“2025 represents a transformational year for Spartan as we decisively transitioned into an oil-weighted Duvernay growth company, delivering significant liquids growth while maintaining a strong balance sheet and improving capital efficiencies across our drilling program. As a result, we exceeded our annual guidance and are accelerating the execution of our long-term strategy.
Our Duvernay asset has emerged as one of Canada’s most compelling oil-weighted opportunities, consistently delivering productive and scalable well results and achieving record production in December 2025. Strong year-end reserve additions, exceptional operational performance, and lower capital costs have supported the acceleration of our Duvernay production target to 50,000 BOE/d by 2030.
While the Duvernay drives our oil-weighted growth, our Deep Basin asset continues to demonstrate resilience in a challenging natural gas environment, generating stable free cash flow and providing multi-zone development optionality. Additionally, we are developing emerging liquids-rich and oil opportunities across the expanded Deep Basin acreage.
2025 laid the foundation for significant growth in 2026, positioning Spartan as a large-scale, liquids-growth Duvernay operator with decades of long-term asset value. As we execute on the largest capital program in Spartan’s history, I want to extend my gratitude to the ambitious employees at Spartan for their dedication and determination, and to our board of directors, shareholders, and stakeholders for their continued support,” commented Fotis Kalantzis, President and CEO of Spartan.
FOURTH QUARTER 2025 FINANCIAL & OPERATIONAL HIGHLIGHTS
⦁ In the fourth quarter, the Company reported production of 50,065 BOE/d (44% liquids), a 30% increase from the fourth quarter of 2024, and a 16% increase from the third quarter of 2025.
o Crude oil production increased by 268% and total liquids production increased by 62% compared to the fourth quarter of 2024.
o Sequentially, crude oil production increased by 76% and total liquids production increased by 30% compared to the third quarter of 2025.
⦁ December 2025 West Shale Basin Duvernay (the “Duvernay”) production reached a record of 14,074 BOE/d (78% liquids), a 178% increase from December 2024.
⦁ Executed a fourth quarter capital program of $97.9 million, of which approximately 81% was spent on drilling, completing, equipping, and tie-ins.
o In the Duvernay, Spartan drilled 1 (1.0 net) well and completed and brought on-stream 5 (5.0 net) wells.
⦁ In the Deep Basin, Spartan drilled 7 (6.5 net) wells and completed and brought on-stream 5 (5.0 net) wells.
⦁ Fourth quarter oil and gas sales totaled $130.9 million, a 57% increase from the fourth quarter of 2024, and a 58% increase from the third quarter of 2025.
⦁ Generated fourth quarter adjusted funds flow of $80.8 million ($0.40 per share, basic and $0.39 per share, diluted), a 60% increase from the fourth quarter of 2024, and a 61% increase from the third quarter of 2025.
⦁ Operating Netback, before hedging, averaged $18.71/BOE during the fourth quarter of 2025, a 38% increase from the fourth quarter of 2024, and a 58% increase from the third quarter of 2025.
⦁ Exited 2025 with Net Debt of $203.9 million against a $450 million credit facility, resulting in a conservative Net Debt to Annualized Adjusted Funds Flow Ratio of 0.6x.
YEAR-END 2025 FINANCIAL & OPERATIONAL HIGHLIGHTS
⦁ Spartan reported production of 42,559 BOE/d (39% liquids) in 2025, a 12% increase from 2024, and exceeded mid-point 2025 production guidance by 6%.
⦁ Crude oil production increased by 235% and total liquids production increased by 33% compared to 2024.
⦁ The Company successfully executed a capital program of $359.3 million in 2025. The drilling, completion, equipping and tie-in and infrastructure program was completed on budget ($319.6 million), with an additional $39.7 million allocated to opportunistic Duvernay land acquisitions.
⦁ In the Duvernay, Spartan drilled 16 (13.6 net) wells, completed 16 (13.9 net) wells, and brought on-stream 14 (11.9 net) wells, averaging an IP30 rate of approximately 1,400 BOE/d and 1,000 BBL/d of crude oil per well.
o 2025 Duvernay lateral lengths increased by 19%, and productivity increased by 25%, while drilling and completions costs decreased by more than 17% as compared to 2024.
⦁ In the Deep Basin, Spartan drilled 19 (17.1 net) wells and completed and brought on-stream 17 (15.6 net) wells.
⦁ In 2025, Spartan continued to strategically expand its footprint at an attractive entry cost, growing its:
⦁ Duvernay asset by 83% to 457,000 net acres (714 net sections)
⦁ Deep Basin asset by 87% to 243,000 net acres (380 net sections)
⦁ Oil and gas sales totaled $385.9 million, generating adjusted funds flow of $224.7 million ($1.13 per share, basic and $1.10 per share, diluted) in 2025, a 28% and a 37% increase from 2024, respectively.
⦁ Despite challenging commodity prices in 2025, Operating Netback, before hedging, averaged $14.94/BOE ($16.45/BOE after hedging), a 28% increase from 2024, attributed to oil-weighted production growth.
⦁ Due to exceptional well performance, significant cost reductions, and substantial drilling inventory expansion, Spartan advanced its Duvernay production target to 50,000 BOE/d by 2030.
⦁ Year-end 2025 reserves evaluation demonstrated strong organic growth across all categories, with notable oil and condensate growth reflecting the Company’s successful transition to a liquids-weighted producer, while establishing a multi-decade inventory depth. Further reserves details were announced on February 9, 2026 and are included in the Company’s AIF.
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